Father Corp. held 80% of Son Inc., which, in turn, owned 80%…

Questions

Fаther Cоrp. held 80% оf Sоn Inc., which, in turn, owned 80% of Grаndson Co. Excess аmortization expense was not required by any of these acquisitions. Separate net income figures (without investment income) as well as intra-entity gross profits (before deferral) included in the income for the current year follow:                                                   Father Corp.    Son Inc.           Grandson Co. Separate net income                $560,000         $420,000         $280,000 Intra-entity gross profits         70,000             42,000             84,000   The net income attributable to the noncontrolling interest of Son Inc. is calculated to be:

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